Mr. Wang Weizhong, Governor of Guangdong Province, Mr. Erick Tsang Kwok-wai, Secretary for Constitutional and Mainland Affairs of the Hong Kong SAR Government, Mr. Vincent U, President of the Commerce and Investment Promotion Institute (IPIM), and other officials and representatives from Guangdong, Hong Kong and Macao attended the Guangdong-Hong Kong-Macao Greater Bay Area and Europe (Hungary) Economic and Trade Cooperation Conference held in Budapest on 16 May.

The Conference, jointly organised by the People's Government of Guangdong Province, the Hong Kong SAR Government and the Macao SAR Government, garnered attendance from over 300 guests, including senior political and business figures from European nations such as Hungary, alongside representatives from the Greater Bay Area (GBA).

A total of 36 cross-border cooperation project agreements were officially signed at the Conference. Among these projects, digital payment service providers from Macao and Hungary signed a letter of intent to establish a bilateral retail digital gateway ecosystem, facilitating the development of cross-border payments between the two regions.

Trade Platform Advantages Promoted with Examples of European Enterprises Operating in Macao

At the event, IPIM President Vincent U highlighted the advantages of Macao as a trade platform, including its free economic zone status, low and simple tax regime, and extensive overseas network, exemplified through the operations of European enterprises in the city. He also introduced the new development opportunities in Macao across various emerging industries like big health, high technology, modern financial services, MICE, commerce and trade, culture and sports.

A Hungarian environmental company that established its GBA headquarters in Macao in 2022 praised after the meeting that the city’s favourable business policies aligned with international standards. Since establishing the subsidiary in Macao, the company has already marketed its products to local integrated resort operators and intends to further expand its business into the GBA market. During the event, many European companies sought information regarding investing in Macao, and some companies even expressed their interest in partaking in Macao's signature exhibitions and establishing operations in the region.

This event is an initiative of the governments of Guangdong, Hong Kong and Macao to promote the GBA, strengthening global investment cooperation, and implementing the instructions of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. Following this event in Hungary, the governments of the three regions will hold the Guangdong-Hong Kong-Macao Greater Bay Area and Africa (Egypt) Economic and Trade Cooperation Conference in Cairo, Egypt on 19 May to promote investment cooperation between the GBA and Africa.